Valuation of public real estate: context and concept

Notes an increasing interest in valuation of publicly owned real estate, and also controversy about the relevance of different concepts of value, especially for special purpose properties. Argues that it is important to distinguish between different contexts before taking a stand on this issue. Discusses three such contexts: external information, asset management and introduction of buyer‐provider models for real estate services within the public sector. Concludes that there is no type of public property for which the question of asset value is unimportant, and also that the information provided by aggregate values and a traditional balance‐sheet is small.